Try our stamp duty calculator to determine how much you could pay. Property value. Stamp duty rate. Premium stamp duty rate. There are several ways you can pay, including by mail and BPay. Stamp duty is a tax, and therefore the money will go towards the NSW state government budget. The money is put back into the economy, and used to fund public sectors such as health, emergency services, roads and transport, and education and training.
You become liable for stamp duty when the transaction or sale is finalised, and contracts are either exchanged or completed. When purchasing property, with or without a loan, stamp duty must be paid within 3 months after the completion of the transaction. After 3 months, interest will begin to accrue, for which you will also be liable.
If you are purchasing a residential unit off the plan, stamp duty should be paid within 15 months of the contracts being exchanged or completed. Stamp duty must be paid within 3 months of the property sale being finalised. Your solicitor or conveyancer will apply for the duties assessment and organise the payment on your behalf. This is usually done during the settlement process and they will likely inform you if you are eligible for any concessions or exemptions.
While it is recommended that you use a solicitor or conveyancer to ensure you are compliant with the law and avoid risks, you can do your own conveyancing and submit a duties assessment application. A number of conditions apply, which you must meet in order to be eligible for these concessions and exemptions. For instance, if you are purchasing property with a partner who has already benefited from the first home buyer scheme, you will not be considered eligible.
You must also be a person not a company or trust , over 18 years of age, have permanent residency in Australia you or your partner and occupy the dwelling within 12 months of purchasing it, for a period of at least 6 months.
Exemptions also apply if the property is being transferred due to the owner being deceased or due to the break up of a marriage or other relationship, or if ownership is being transferred between married or de facto couples. NSW does not currently offer concessions on stamp duty to pensioners, so pensioners do need to pay stamp duty. Taxes and levies are part and parcel of buying property in Australia. The amount of stamp duty varies from state to state, as it depends on certain factors, including first home buyer benefits and concessions.
Most state governments have online calculators to help you estimate the amount of stamp duty that you need to pay, but here is a guide on how much stamp duty should be paid in each state and territory. Note that the following rates apply to residential homes you intend to live in — higher rates may apply to investment property purchases:. First homebuyers may be eligible for concessional rates, but certain prerequisites must be met first to do with property value, property type and occupancy requirements.
The ACT government also offers stamp duty concessions and exemptions for eligible pensioners. Take note that premium duty is only payable on residential land. The complex formula is as follows: duty payable is equal to 0. Now, properties in Tasmania are cheap, but not this cheap! Therefore, most buyers will be paying much more than this.
Tasmania currently does not offer concessions for either first homebuyers or pensioners. Even if the proposal to make stamp duty optional in NSW does not become law, at the time of writing there are a number of ways some homebuyers may already be able to reduce their stamp duty, or avoid paying it altogether. From 1 August to 31 July , the following rules apply:. If you are transferring property between family members, you will generally have to pay stamp duty.
However, there are some exemptions to this. Married or de facto partners who are transferring residential property between each other may be exempt in some cases. You may also be exempt if you are transferring property after a break-up. Follow Canstar on Facebook and Twitter for regular financial updates. Compare car insurance , car loans , health insurance , credit cards , life insurance , as well as home loans , with Canstar.
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Canstar may receive a fee for referring you to a product provider — for further information, see how we get paid. Stamp Duty in New South Wales is payable within 3 months of the date liability arises. The purchaser or transferee is liable to pay the duty. Stamp duty is calculated based on the market value of your house. Check the current rates below or use our calculator. If property worth more than that you pay full stamp duty rates. In New South Wales you must pay stamp duty within 30 days after the liability arises to pay transfer duty on the transaction.
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